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BIPS Invesco Bond Income Plus Limited

0.50 (0.3%)
06 Dec 2023 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Invesco Bond Income Plus Limited LSE:BIPS London Ordinary Share JE00B6RMDP68 ORD NPV
  Price Change % Change Share Price Shares Traded Last Trade
  0.50 0.3% 166.50 175,331 16:35:28
Bid Price Offer Price High Price Low Price Open Price
166.00 167.00 167.00 166.50 166.50
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Unit Inv Tr, Closed-end Mgmt -28.19M -34.62M -0.1929 -8.66 299.81M
Last Trade Time Trade Type Trade Size Trade Price Currency
16:16:17 O 1,502 166.4194 GBX

Invesco Bond Income Plus (BIPS) Latest News (1)

Invesco Bond Income Plus (BIPS) Discussions and Chat

Invesco Bond Income Plus Forums and Chat

Date Time Title Posts
29/10/202312:53Invesco Bond Income Plus226
18/1/202312:58Invesco Bond Income Plus-

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Invesco Bond Income Plus (BIPS) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
2023-12-06 16:16:19166.421,5022,499.62O
2023-12-06 16:09:15166.423,0044,999.22O
2023-12-06 16:00:09166.438,92914,860.09O
2023-12-06 15:59:19166.1624,87141,325.90O
2023-12-06 14:49:27166.4410,20716,988.73O

Invesco Bond Income Plus (BIPS) Top Chat Posts

Top Posts
Posted at 06/12/2023 08:20 by Invesco Bond Income Plus Daily Update
Invesco Bond Income Plus Limited is listed in the Unit Inv Tr, Closed-end Mgmt sector of the London Stock Exchange with ticker BIPS. The last closing price for Invesco Bond Income Plus was 166p.
Invesco Bond Income Plus currently has 179,527,596 shares in issue. The market capitalisation of Invesco Bond Income Plus is £299,811,085.
Invesco Bond Income Plus has a price to earnings ratio (PE ratio) of -8.66.
This morning BIPS shares opened at 166.50p
Posted at 29/10/2023 12:53 by pyemckay
That was a typo. I will be starting to scale into them. BIPS looks like it will be my first purchase.
Posted at 25/10/2023 11:43 by speedsgh
Short interview with Fund Manager, Rhys Davies from 2m07s to 7m49s...

In this bonus edition of the Weekly Investment Trust Podcast, Jonathan Davis, editor of the Investment Trusts Handbook, speaks to Rhys Davis (Invesco Bond Income Plus; BIPS), Phil Kent (GCP Infrastructure; GCP), and Simon Gergel (Merchants Trust; MRCH), all of who were at the recent AIC Investment Trusts Showcase event in London...
Posted at 28/8/2023 08:42 by speedsgh
In this week’s edition of the Weekly Investment Trust Podcast, Jonathan Davis, editor of the Investment Trusts Handbook, talks to Max King, the market and investment trust commentator and former Investec fund manager. Jonathan also talks to Rhys Davies, manager of the Invesco Bond Income Plus Investment Trust (BIPS); the first half of that discussion can be heard in the podcast, with the full interview available below...
Posted at 22/8/2023 18:23 by speedsgh
Half-year Report -

from the Portfolio Managers' Report:

Q. How did the Company perform?
A. Over the six months to 30 June 2023 the share price fell from 166p to 162p, but with dividends reinvested, the Company delivered a positive share price total return of 1.0%. The net asset value per share total return (with dividends reinvested) was 2.1%.

Q. What were the key contributors and detractors of performance?
A. The portfolio's exposure to credit risk was the main driver of the positive return. Within this, high yield bonds were the largest contributor. Investment grade, corporate hybrids and senior bank debt also contributed. Exposure to subordinated financial debt was a small negative. The portfolio's duration (sensitivity to interest rates) was a negative factor as interest rate expectations rose. A rise in the value of sterling meant that the modest non-sterling exposure in the portfolio was also negative.

The unexpected write-down of Credit Suisse Additional Tier 1 (AT1) bonds when the bank was acquired by UBS was a negative factor. The portfolio holding in Credit Suisse as of the end of February was 0.54%. However, the portfolio's other holdings in AT1 and its holdings in Credit Suisse senior debt recovered strongly after this event. While two Credit Suisse AT1s were in the bottom 10 performing bonds in the portfolio, some other financials such as Banco Comercial Portugues and Piraeus Financial were among the portfolio's top five contributors.

Q. What changes were made to the portfolio?
A. The Company was active in the period with a mixture of primary and secondary market purchases. The focus of purchases was on higher quality BB rated bonds that we feel offer a relatively attractive balance of return to risk.

We participated in a new issue from generics drug manufacturer Teva Pharmaceutical Finance, a company that we have invested in for several years. Other new issues purchased included lottery operator Allwyn Entertainment and car battery manufacturer Clarios. Although these are two very different businesses, we believe that both are well placed to weather any economic downturn. We also bought new hybrid corporate bonds from Swedish state-owned utility Vattenfall, Portuguese utility company EDP, Vodafone Group and BT.

In the secondary market we added to existing positions in UK holiday park operator Center Parcs and retailer Ocado. Center Parcs is expected to perform well again in 2023. Ocado's bonds earn an attractive yield but also have, in our view, good potential capital upside from any good news around the company's technology licensing. During the period of weakness in bank bonds following the write-down of Credit Suisse's AT1s, we added to the position in Nationwide AT1.

Several bonds of companies with weaker balance sheets were sold. These included telecom and retail names. Credit concerns led us to sell French furniture retailer Mobilux Finance and European residential landlord Heimstaden. Heimstaden is an example of a credit where the investment case has changed dramatically due to a rising rate environment. The European real estate sector is an area about which we remain cautious. We fear that some business models built on low borrowing costs are no longer commercially viable.

Following these transactions, the allocation to corporate high yield was reduced from 48.4% to 43.7%. Exposure to subordinated bank and insurance was gradually increased from 30.7% to 33.7%.

We view financials as providing a more favourable risk-reward profile than similar-rated high yield bonds with the Company holding a well-diversified portfolio of more than 20 European banks. We continue to assess and adjust exposures to the banking sector and while we believe fundamentals are strong for the banks held in the trust, we are aware of the risks that a crisis of confidence can pose to the sector and to individual banks.

In other activity, long-dated UK gilts were added and now account for 1.6% of the portfolio.

Net gearing was increased from 15.7% to 16.9%. Gearing is one of the tools we can use to adjust the level of risk in the portfolio to align it with the level of opportunity we see in the market. Although the cost of borrowing has gone up, we believe gearing is still an attractive option given the higher level of yield we can now receive from the bonds we want to buy...

Q. What is your outlook from here?
A. Uncertainty around the outlook for the economy and inflation, combined with the ongoing impact of the interest rate hiking phase of the cycle has fuelled volatility in financial markets, leading to market strain, as seen most clearly in the banking sector. We will continue to monitor our allocations within the banking sector. For now, we are comfortable that the levels of yield provide an attractive reward for the credit risks, especially with a well-diversified spread of risk across many banks. It is certainly encouraging that attractive yields are available from so many more sources today, but we also expect volatility to be a defining feature of 2023. It is therefore important to remain nimble and be prepared to sell bonds that have performed well, especially whilst our outlook for the global economy and high yield bond markets, particularly the weaker parts, remains cautious.
Posted at 30/3/2023 10:59 by cc2014
Yes and no.

The investor cannot force redemption of the bond, thus "perpetual".

However, the bank or insurer has a call option which allows the redemption at 5 or 10 years or whatever or even earlier. In addition there will be likey be an interest rate reset at the 5, 10 year date etc. Because of the interest reset I can see why the manager wouldn't mention this.

Banks often call the AT1's or do tender for partial or full redemption. It's part of how they manage their capital.

At the end of the day BIPS is a high yield bond trust and to generate the high yield some of the investments are in risky stuff. You get nothing for free. Some of the investments are AT1.

The good news is that AT1's are now bouncing fast and the market has come to the view they have been panic oversold.

I suspect BIPS have been buying more as the gearing has gone up in the last few days. All good for us holders.
Posted at 30/3/2023 10:33 by shieldbug
Perhaps I was hasty to feel reassured. While it seems the exposure to CS AT1 bonds was about 0.65%, according to the document posted on Invescos website BIPS overall exposure to AT1s is 20.93% as of 31/01/2023. That's one thing, then I learn that AT1s have to be perpetual. What I find really annoying about this is the recent inverview with the manager where he is asked about maturity he did not mention that 20% of the portfolio is perpetual. Not quite accurate in how he explained their offering in my view. Am I wrong about this?
Posted at 01/3/2023 19:50 by peckers56
BIPS is in the "Debt-LB" sector. Don't hold this trust but do hold CVC Income Growth (GBP) and NB Global Monthly (currently liquidating)- portfolio total less than 1%. Both of these at a discount, whereas BIPS at a premium. Personally this sector is a HOLD.
Posted at 17/1/2023 09:03 by cc2014
Share price getting close to 170p now.

Invesco have stopped the issue of new shares, at least for the moment
Posted at 01/11/2022 10:41 by cc2014
It's very nice to be finally sitting in an uptrend. It seems a long time since that last happenned, although it wasn't as it occurred post Covid for some time

My finger tends to reach for the sell button when things go above NAV but in this environment I'm going to try and stay invested. The NAV is creeping up every day and I think the buyers are just front running that and the NAV will catch up with the share price by the end of the week. Maybe the share price will have gone higher by the end of the week, wouldn't that be great.
Posted at 16/9/2022 19:03 by mrmuggins
Yes, the closing auction trade of 260,000 ish at 145p, well below the 153-154p traded during the day. Similar large closing trades occurred for NCYF, TFIF and SMIF, but these share prices did not crater like BIPS. Hopefully the share price will "correct" back to around 153p on Tuesday as I am not aware of any major change in NAV.
Invesco Bond Income Plus share price data is direct from the London Stock Exchange

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